Property sales across the Canterbury region at 665 fell in the month on a seasonally adjusted basis in October, but were up a significant 33% as compared to a year ago. The inventory of unsold houses on the market fell further to 25 weeks, well below the long-term average of 33 weeks of equivalent sales.

The stratified mean sales price for properties sold in Christchurch at $349,025 was up 3% as compared to a year ago, but down from the prior month. The asking price expectation of new listings was up by 3% as compared to a year ago at $372,616.

The level of new listings coming onto the market in October at 1,293 was down on prior month and down 1% as compared to a year ago.